Australia to Regulate Crypto and the AFL Launches NFTs. Non-fungible tokens (NFTs) are digital assets that can be bought and sold. They will be regulated by the ACMA and traded on the ASX. Listed in three categories, NFTs will be available for trading on the ASX.
Non-fungible tokens are a form of digital asset that can be brought and sold
Cryptocurrencies are a popular example of non-fungible tokens, which are digital assets secured by blockchain technology. They have properties similar to currency, such as the ability to be exchanged for one another. This makes them an ideal choice for proving ownership of virtually any digital asset.
The value of non-fungible tokens has grown exponentially in the last year. The craze for ICOs created a huge secondary market for these assets, and some sold for millions of dollars. For example, one NFT associated with digital art sold for $69 million at Christie’s auction in March 2021, and another sold for $1.5 million. This is a clear indication that there is a thriving secondary market for these assets, which can push prices sky high.
Tokens that are non-fungible have a limited number of uses, but they have a great potential. They are unique, unlike traditional currencies, and can represent digital goods. In addition to digital goods, non-fungible tokens can also be used to regulate other kinds of digital items. For example, a game that lets you buy virtual plots of land may require a certain amount of NFTs to unlock the plot of land. Another game may reward you with a more powerful car by buying a non-fungible token.
The non-fungible token market has been dominated by dedicated NFT marketplaces for some time, but in recent years, leading cryptocurrency exchanges have been edging their way in. Binance launched its own NFT marketplace in June 2021 and Coinbase announced plans for one in October 2021. Within 48 hours, 1.4 million people had signed up for Coinbase’s NFT waitlist.
They will be sorted into three categories
In Australia, the new centre-left government has decided to regulate cryptocurrency, a form of digital money. The first step of the government’s regulatory plan is to undertake a “token mapping exercise” to identify the types of digital currency that Australians own. It’s a unique exercise in that Australia is one of the first countries to undertake this. The exercise will identify which digital currency assets may be subject to regulation, as well as the amounts and types of assets.
The AFL Mint plans to launch a user-accessible marketplace that will allow collectors to buy and sell NFTs. The first NFTs will be available in August, but the football league plans to make more coins available to fans in the near future. In addition, the AFL is looking to expand its fans’ experience with game day events, tickets, and Metaverse hangouts with players.
AFL Mint is a dedicated website that is being set up by Animoca Brands, in partnership with the AFL. The website aims to launch the first officially licensed NFT drop. NFTs are a digital token that allows consumers to prove ownership and authenticity of digital artwork. The AFL Mint has also launched a Discord channel that allows the community to communicate with one another. Many crypto currency users use Discord for communication.
In other news, Australia is taking steps to regulate cryptocurrency and the AFL has launched NFTs. The first limited edition NFT drop has sold out in less than 12 hours. The first-edition 2022 NFTs, Ripper Skipper 2022, were sold out within 12 hours, raising over $130,000 USDC (roughly $187,000 AUD). Australia is already working on regulating the crypto industry and introducing new regulations.
They will be traded on the ASX
Tokenized offerings are a great way to lower costs, speed up issuance, and open up investment access to new investors. But the ASX is not only focused on tokenizing traditional assets. Its blockchain-based Synfini project will help it to provide trading services for crypto assets. But before that happens, the ASX must complete some legal requirements. The ASX hasn’t ruled out a crypto trading platform, although that may take a while.
Several blockchain projects are already under development, including one by the Australian Securities Exchange. The ASX is working with US-based startup Digital Asset to evaluate how blockchain technology can help with its clearing and settlement processes. The exchange is expected to release an outline of the process in March. It’s also expected to announce major joint ventures and agreements with prominent sports leagues and teams.
Tokenization has been widely embraced by other markets and exchanges. The Australian Securities Exchange plans to offer tokenization for listed companies. Tokenization will allow companies to trade their equities and bonds using the cryptocurrency. As more companies look to tokenize their assets, the ASX will be a place to launch these securities.
ASX Sports is another exciting development for the sports industry. The ASX has signed an exclusive deal with Sky New Zealand’s global digital rugby platform, RugbyPass, to bring NFT-enabled fantasy gaming to the sport. RugbyPass will provide the data needed to fuel ASX’s proprietary technology and help deliver the gamification of live sports.
They will be regulated by ACMA
Australia’s new centre-left government plans to regulate the cryptocurrency market, introducing token mapping to identify types of digital currency held in the country. The exercise would be the first step towards regulating these assets. It would also be the first time for Australia to regulate this sector.
In the same vein, the AFL Mint is planning to launch a user-available marketplace where collectors will be able to buy and sell these digital assets. They have also announced plans to launch NFTs for the women’s league in 2023.
The NFL has also been heavily involved in digital assets in recent months, with players like Odell Beckham Junior being paid in bitcoin. Tom Brady has even raised $170 million for his Autograph company, so it’s not surprising that the NFL would be next. The NFL has also announced plans to launch a non-fungible ticket stub for Super Bowl LVI, which is scheduled to be the first major international sporting event to use them.
AFL isn’t the only company with plans to use cryptocurrencies in Australia. It has partnered with an Australian startup, Meadow Labs, to create a meaningful digital collecting experience. The newest NFTs will be based on different animals from the Australia Zoo. The initial run will be limited to 2,000 NFTs, each guaranteed to be non-deterministic and utility-driven. This ensures that each and every buyer will be able to purchase the right token.
They will be governed by common law
As Australia moves to regulate crypto and the AFL launches NFTs, both parties are pursuing new ways to engage the public in the space. The AFL has announced a partnership with Be Media, a Perth-based subsidiary of Animoca Brands, and the AFL Mint will launch in 2023. The AFL Mint is a new trading platform that will allow fans to purchase and sell momentos from their favorite players. Similarly, the NBA and UFC are launching marketplaces for their own collectibles to promote their products.
Australia’s government is currently working to token map all digital assets to help protect consumers. The move comes as bad actors have seized on the unregulated environment to take advantage of consumers. This has led to the government accelerating the regulation process. It is hoped that this will help make the industry more transparent and safer for consumers.
The AFL Mint has already sold out its first NFT drop in 12 hours. It sold 78 packs of Ripper Skipper 2022 NFTs, raising $130,000 USDC and $187,000 AUD. AFL Mint also plans to offer game day experiences and tickets in the future.
NFTs are set to change the digital asset market. Before, there was no way to distinguish between “owner” and “user.” With NFTs, it is possible to create exclusive ownership rights to a digital asset. For example, rapper Jay-Z and Snoop Dogg own NFTs. While NFTs are a relatively new market, their market cap is already growing. According to DappRadar, NFTs were worth US$4.2 billion at the end of October 2021.
They will be regulated by Macarthur FC
The European Parliament and Council have reached preliminary political agreement on MiCA, which would impose a new regulatory regime for most cryptoassets. This would impose conditions on those who issue cryptoassets and create a licensing requirement for those businesses. Non-fungible tokens, however, would not be included. The final text of the legislation is expected to be confirmed in the autumn.
UK regulators have confirmed that they will regulate stablecoins by April 2022. While this will not affect NFTs, it does signal a tightening of regulatory scrutiny for sports NFTs. However, the UK government has said that it is considering bringing broader cryptoassets under its remit.
Macarthur’s owners include Citic Group, a Chinese investment firm backed by the Chinese government. ArcelorMittal, a multinational steel maker, owns 16.6 percent. South Korea’s Posco owns 8.3 percent of the company. Its investors include hedge funds.
In addition, financial services firms in the UK are subject to a financial promotions regime. This regime regulates the advertising of regulated products, but does not apply to non-regulated products. The ASA has issued guidance on advertising cryptoassets, including NFTs. ASA guidance for the advertising of NFTs also requires companies to clearly state that cryptoassets are unregulated and are not protected by financial compensation schemes.
In addition to the above partnerships, Macarthur FC is a significant partner for JPEX. Its strategic partnership with Western United Football Club and partnership with Macarthur FC will help the company gain exposure in the Australian A-League. This will promote greater awareness of crypto assets and the crypto ecosystem.
